BTC Price Soars: Experts Eye $80,000 Target Amid Renewed Demand
Bitcoin's price surge continues to attract attention as it rose by over 22% since Monday, adding $450 billion to the cryptocurrency market. On August 21, Bitcoin hit a local high of $79,500, and its total market cap surged by $480 billion in just five days.
The price increase was fueled by a short squeeze, a sharp upward rally that occurs when rising prices force short sellers to buy to cover their positions. This added extra buying pressure, contributing to the bullish sentiment in the broader cryptocurrency market.
According to data from CryptoQuant, Bitcoin's demand has turned positive in both spot and perpetual futures for the first time since its all-time high on October 6, 2025. This indicates a significant shift in investor behavior, with renewed interest in purchasing BTC.
The UTXO Realized Price Distribution (URPD) metric from Glassnode shows that Bitcoin's price has surged above $75,733, a major resistance level. With the current price trading at $76,662, analysts predict that if spot and futures demand continue to rise, Bitcoin could climb another 8.67% to 10.31% before experiencing its next major sell pressure.